Zenith Electronics Chief to Step Down

Published: September 6, 1997

GLENVIEW, Ill., Sept. 5—
The Zenith Electronics Corporation said today that Peter S. Willmott was stepping down as chief executive of the loss-ridden company.

Mr. Willmott, 60, was scheduled to retire at the end of 1998 but plans to leave within a few months. He will lead the search for a new chief executive and remain on the board, Zenith said. The company is 55 percent owned by LG Electronics of South Korea.

''During the past year, we have made significant progress in controlling costs, improving our product development processes and building our management capabilities,'' Mr. Willmott said.

Zenith never recovered from the onslaught of Japanese television makers in the 1970's and 1980's. The 81-year-old company has reported a loss every year but one since 1985. Zenith's losses so far this year total $68.5 million, or $1.06 a share.

Mr. Willmott became chief executive in November 1996 and has been a director since 1990.

Shares of Zenith, which is based in Glenview, fell 25 cents today to $10.50 on the New York Stock Exchange.